Gaw Produce Company Purchased Inventory from a Japanese Company on December

question 15

Essay

Gaw Produce Company purchased inventory from a Japanese company on December 18,2018.Payment of 4,000,000 yen (¥)was due on January 18,2019.Exchange rates between the dollar and the yen were as follows:
$\begin{array}{ll}&\text { Exchange }\\\text { Date } & \text { Rate }\\\text { December } 18,2018 & ¥ 1=\$ .0080 \\\text { December } 31,2018 & ¥ 1=\$ .0082 \\\text { January } 18,2019 & ¥ 1=\$ .0083\end{array}$

Required:
Prepare all journal entries for Gaw Produce Co.in connection with the purchase and payment.

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